"Smokers Are More Likely to Be Murdered Than Nonsmokers

question 101

Multiple Choice

"Smokers are more likely to be murdered than nonsmokers." This statement is an example of:

• A) the fallacy of unintended consequences.
• B) a positive economic statement.
• C) a normative economic statement.
• D) a value judgment.

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Definitions:

Price Elasticity

A metric that shows the responsiveness of the quantity of a product demanded when its price changes.

Quantity Demanded

The amount of a good or service that consumers are willing and able to purchase at a given price.

Price Elasticity

An indicator of how the amount of a product that is bought or provided reacts to variations in its cost.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a particular period.